# CA Reversal Channels: Youth vs. Aging

| Variable | M5: Youth + Aging | M6: Youth only | M7: Aging only | M8: 5pp Reversal |
|:---|---:|---:|---:|---:|
| youth_dep | -0.0679** | 0.0942*** | | |
| | (0.0335) | (0.0256) | | |
| old_dep | -0.7237*** | | -0.5925*** | |
| | (0.0985) | | (0.0743) | |
| fiscal_bal_gdp | -0.0035*** | -0.0030*** | -0.0034*** | -0.0028*** |
| | (0.0010) | (0.0011) | (0.0010) | (0.0009) |
| nfa_gdp_lag | 0.0237*** | 0.0320*** | 0.0261*** | 0.0145*** |
| | (0.0049) | (0.0048) | (0.0048) | (0.0041) |
| rgdp_growth | -0.0018** | -0.0014 | -0.0018** | -0.0030*** |
| | (0.0009) | (0.0009) | (0.0009) | (0.0007) |
| kaopen | -0.0024 | -0.0083** | -0.0008 | 0.0056* |
| | (0.0040) | (0.0039) | (0.0039) | (0.0033) |
| Z_1 | | | | -0.4155** |
| | | | | (0.1945) |
| Z_2 | | | | 0.0738** |
| | | | | (0.0292) |
| Z_3 | | | | -0.0035*** |
| | | | | (0.0012) |
|:---|---:|---:|---:|---:|
| N | 5489 | 5489 | 5489 | 5489 |
| R² | 0.0232 | 0.0125 | 0.0223 | 0.0323 |
| Countries | 174 | 174 | 174 | 174 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*